business@tribunemedia.net
WEDNESDAY, JULY 16, 2025
$5.53 $5.09
$5.63
$5.51
$5.48
Ex-PM: End ‘bragging’ rights’ political mentality By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net POLITICIANS “must move away from selfgratification and bragging rights”, an ex-prime minister asserted yesterday, joining his former health minster over fears the new hospital will become a “white elephant”. Dr Hubert Minnis told Tribune Business that
Bahamian Cabinet ministers should focus on ensuring existing facilities “function” properly, rather than simply constructing new buildings which they can attach their name to and claim responsibility for their development. And, rather than simply boast of passing laws in Parliament, the Killarney MP argued that ministers and MPs need to concentrate on ensuring there is sufficient
MP’s law firm closed by BPL Village Rd. outage By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN OPPOSITION MP yesterday revealed his law firm suffered “a major handicap” when a Bahamas Power & Light (BPL) outage left Village Road residents and businesses without electricity for a day-and-a-half. Adrian White, the St Anne’s MP, told Tribune Business his company was forced to close and endure “extreme disruption” in the absence of a generator after BPL seemingly suffered a series of equipment malfunctions that knocked out power supply to many in the eastern New Providence district. He added that his constituents in the Breezy Hill area, with the eastern side of Village Road lying in St Anne’s, were forced to endure a hot Monday night without air conditioning in the absence of a generator with energy supply only restored at mid-morning yesterday. A BPL spokesperson did not respond to Tribune Business inquiries before press time last night, but the Village Road woes occurred just as Bahamas Grid Company, the entity to which the Government has outsourced management and improvements to New Providence’s transmission
ADRIAN WHITE and distribution grid, hailed the first three months’ progress under its $130m upgrade initiative. Bahamas Grid Company, in which BPL holds a 40 percent equity ownership interest, asserted that its work has prevented 48,000 New Providence electricity customers from suffering more than 170,000 service interruptions caused by 182 “potential outages” that never happened. The electricity grid operator, in a statement arguing that its work is already resulting in improved reliability for New Providence’s businesses and households, said: “Since breaking ground, Bahamas Grid Company crews have installed or replaced 80 overhead distribution poles, upgraded 56,000 feet of wire and load balanced
OUTAGE - See Page B7
THE Bahamian commercial banking industry enjoyed a nine-figure year-over-year increase to $509.9.m in collective profits for 2024, the Central Bank revealed yesterday. The regulator, unveiling its 2024 Financial Stability Report, said domestic banks saw a 26.7 percent increase in net income compared to 2023 due to an increase in non-interest income and a reduction in bad debts. “In particular, net profits expanded by $107.5m (26.7 percent) to $509.9m, significantly boosting the year earlier $5.4m (1.4 percent) rise. As a result, the ratio of net income to equity (ROE) rose to 23.2 percent from 18 percent in 2023, while the ratio of net income to average monthly assets (ROA) increased to 4.2 percent from 3.4 percent
in the prior year,” said the Central Bank. “Total provisions for bad debts fell by $28.2m (8.6 percent) to $301.8m, albeit lower than the previous year’s $41.8m (11.2 percent) decline. Consequently, the associated ratio to average assets narrowed by 56 basis points to 0.39 percent. Meanwhile, the rise in depreciation costs moderated to 5.2 percent in 2024 from 6.2 percent last year, although the attendant ratio edged up by one basis point to 0.21 percent. “Also, the ratio of net interest income to average assets firmed to 5 percent from 4.9 percent, while the ratio of commission and foreign exchange income to average assets rose by 17 basis points to 0.88 percent. Further, total operating costs increased by 9.6 percent, but trailed the 12.4 percent rise in the previous year, with the corresponding ratio higher by 24 basis points at 4.25 percent.”
PROFIT - See Page B4
Sands, who was minister of health for part of his administration, described the investment as a potential “white elephant” given the existing system’s challenges. The duo, in separate interviews with this newspaper, challenged why the Government is pursuing a third hospital in The Bahamas given the manpower,
BRAGGING - See Page B6
DR HUBERT MINNIS
DR DUANE SANDS
• Minnis: Put The Bahamas before ‘self-gratification’ • Agrees with Sands on hospital ‘white elephant’ fear • Tackle existing staff and resource woes, they urge
Ex-judge’s private island for sale in victim recovery By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Bank profits jump $108m to beat half-a-billion mark By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
manpower, resources and any technical assistance required to properly enforce and implement the legislation in practice. Dr Minnis spoke out in the context of the proposed new $267m New Providence hospital, for which the Davis administration signed a $195m financing agreement with the state-owned China ExportImport Bank last week. Both he and Dr Duane
A TEN-ACRE undeveloped private island in the Exumas is being advertised for sale in a bid to recover millions of dollars for the alleged victims of a former MP and Supreme Court judge. Darron Cash, the former Free National Movement (FNM) chairman and Senator, who is the Supreme Court-appointed receiver for assets identified as owned by Elliott Lockhart KC, confirmed yesterday to Tribune Business that Goat Cay is among the latter’s properties now in his control and possession. The ten-acre island, located off Williams Town at the south-eastern end of Exuma, is set to be sold-off by Mr Cash in a snap auction with all bids due to be submitted by a tight 1pm deadline this upcoming Monday, July 21. Potential
• Bids sought for 10-acre Goat Cay by Monday • ‘Slow but positive progress’ on ex-MP’s assets • Receiver awaits Bar decision on Lockhart files buyers will have just two hours in which to submit offers that day, with the bidding due to start at 11am, although they can also present offers during Friday’s inspection of Goat Cay. Mr Cash confirmed to this newspaper that he is making “slow but positive progress” in locating, securing and then attempting to sell real estate and other assets identified as belonging to Mr Lockhart.
Once closing and others due costs are paid, the proceeds will be used to compensate the ex-MPs former clients who paid him multi-million dollar sums to complete real estate transactions that were never closed. The funds were never returned to these clients, foreign investors in The Bahamas, despite Mr Lockhart failing to perform or deliver the services for which he was hired. “The best way to describe it is that it is slow but positive progress as we try to preserve the assets and protect the rights of all the parties concerned,” Mr Cash said of the receivership’s sales process. He also disclosed that he is awaiting a decision by the Bahamas Bar Association, although this would likely have to come from the Council, as it relates to the fate of Mr Lockhart’s client files. “It is appropriate to say that the
DARRON CASH
ELLIOTT LOCKHART KC determination of the Bahamas Bar Association will be important in the receiver’s treatment of the files which represent a component of KC Lockhart’s practice,” Mr Cash said. “That determination by the Bahamas Bar Association remains outstanding.” Mr Cash declined to
RECEIVER - See Page B6
Tribunal: No evidence of Atlantis casino ‘bullying’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Industrial Tribunal has found “no compelling evidence” to support an Atlantis table gaming supervisor’s claims she was bullied by a casino “coven” during her probationary period. Sharada Ferguson, its vice-president, ruled that Chrishan Swann’s allegations of “an extremely toxic work culture” at the Paradise Island mega resort’s gaming facility did not stand up in rejecting her wrongful dismissal claim. She found that Atlantis’ actions were justified after it determined she was “not a good fit for the casino division”. Detailing the background to the dispute, the Industrial Tribunal found Ms Swann signed her employment contract with Paradise Enterprise Ltd, the entity that operates the Atlantis casino, on January 31, 2024. Her employment took effect from February 5, 2024, and she was placed on a three-month probationary period working 40-hour weeks for $173.04 per shift. “The contract also indicated that the applicant [Ms Swann] could be terminated by the respondent at any time during the three-month probationary period
ATLANTIS without advance notice or pay in lieu thereof. Additionally, the applicant’s contract stated that upon successful completion of the three-month probationary period, the applicant would be confirmed as a full-time employee,” the Tribunal’s verdict said. “On April 5, 2024, the applicant met with Glendina Williams, director of human resources for the casino division, who explained that she was terminated for not successfully completing her three-month probationary period. The applicant was also provided with a termination letter dated the same date and she accordingly signed and acknowledged receipt of it.” However, three days later, on April 8, 2024, Ms Swann “requested that Ms Williams investigate her allegations of bullying and discrimination by certain
COVEN - See Page B4